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Malaysia Introduces Co-Payment Insurance Feature and Raises Medical Tax Relief

by Celia

The Malaysian government has announced an increase in individual income tax relief for medical expenses to RM10,000 (approximately $2,324), now encompassing medical and health insurance plans with co-payment features.

The Life Insurance Association of Malaysia (LIAM) emphasized that promoting these co-payment insurance options could assist policyholders in managing long-term medical premium costs while preparing for future healthcare needs.

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In addition to this, the government has raised the tax relief for education insurance premiums from RM3,000 ($697) to RM4,000 ($930). LIAM indicated that this adjustment may encourage more Malaysians to invest in both medical and health insurance, as well as education policies for their children.

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(Note: RM 1 is equivalent to $0.23.)

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